This means that Greece has rejected an austerity and financial reform program drawn up and given to the country 25 June by its creditors at the European Central Bank (ECB) and International Monetary Fund (IMF). Greeks owe a total of €323bn in debt (£230bn, $352.7bn) to the two creditors and several others after its economy went bust during the financial crisis.

On 30 June the country defaulted on a €1.55bn payment to the IMF. As it stands the country will default on a €3.5 billion payment it owes the ECB on 20 July.

Greece and its creditors are set to begin a new round of negotiations Monday as the technical teams of the eurozone's finance ministers are due to meet. The vote, some Greek politicians said, has given Prime Minister Alexis Tsipras a strong mandate to bargain harder.

Greek finance minister Yanis Varoufakis and the Bank of Greece will hold emergency meetings late tonight at 10pm GMT after the poll result is finalized.

Grexit, banking collapse or a new EU deal: What next for Greece in 90 secondsIBTimes UK